Crypto Daily Report #加密市场观察 02.07(：Bitcoin Short-Term Volatility, On-Chain Loss Pressure Intensifies, and Corporate Holding Strategies Shift to Active Management

I. Bitcoin Price Fluctuations and Market Reactions
1. Bitcoin futures contracts experienced a rapid plunge this morning, briefly falling below $60,000, then rebounding to around $65,000. In the past 24 hours, 586,000 traders were liquidated, totaling $2.665 billion. The Korean exchange Bit mistakenly issued an abnormal amount of Bitcoin during an event, causing the platform's BTC price to temporarily plummet to $55,000, then recover within 5 minutes. No cascading liquidations occurred, and customer assets remain safe.
2. Net outflows from US Bitcoin ETFs totaled 6,201 BTC, and Ethereum ETFs saw net outflows of 13,695 ETH, indicating some capital outflow pressure in the market. The sharp decline in Bitcoin may be related to high trading volume in the BlackRock iBIT ETF ($10.7 billion) and leveraged positions in hedge funds, with macroeconomic pressures triggering cross-market liquidation risks.
3. Over the past week, put options trading volume has dominated, with a put/call ratio of about 1.3, indicating persistent downside demand and a cautious market sentiment in the options market.
II. On-Chain Data and Market Sentiment
1. Bitcoin on-chain loss levels are approaching those seen at the end of the last bear market, with over 9.5 million BTC in loss and approximately 10.4 million BTC in profit. The market is nearing a balance between loss and profit holdings, similar to late 2022 bear market conditions.
2. The market has experienced significant adjustments, with the supply of loss-making holdings increasing rapidly, reflecting a cautious sentiment and some impact on investor confidence.
III. Corporate Bitcoin Holdings and Strategy Evolution
1. Bitcoin Treasury Company Strategy announced its Q4 2025 financial report, holding 713,502 BTC as of February 1, 2026, with a total cost basis of $54.26 billion and an average cost of about $76,052 per BTC. Q4 net loss was $1.24 billion, and the annualized return for 2025 was 22.8%.
2. Corporate Bitcoin holding strategies need to shift from passive holding to active management. The traditional passive approach has become a capital burden. Companies should utilize compliant financial instruments to use Bitcoin as collateral or income-generating assets to improve capital efficiency.
IV. Bitcoin Historical and Future Price Predictions
1. Bitcoin's all-time high was $125,835.92 on October 6, 2025, with market capitalization exceeding $2.4 trillion, making it one of the most valuable assets globally.
2. Experts have differing forecasts for Bitcoin's price in 2030, ranging from $300,000 to $1,500,000. Key drivers include the 2028 halving event, continued institutional accumulation, ETF demand expansion, and macroeconomic environment changes.
V. ENS Project Updates
1. The lead developer of Ethereum Name Service (ENS) announced the discontinuation of development for the proprietary Layer 2 network Namechain. Version 2 will be deployed directly on the Ethereum mainnet, as Ethereum L1 scaling has exceeded expectations, eliminating the need for additional trust costs in Layer 2.
2. The ENSv2 roadmap remains unchanged, with plans to develop one-click registration, cross-chain stablecoin payments, and a new registry design. Public alpha testing has now begun.